High-risk health insurance rates set to drop in Missouri

Few Missourians are taking advantage of the new health insurance program in the Show Me State. As a result, officials are lowering prices to drum up demand.

"The demand for the program has not been what we expected," said Missouri state insurance director John Huff in an interview with the Associated Press. "We found out if we offered more plans, we could bring down the premiums."

The health insurance program is aimed at "high-risk" insurance customers, or people with pre-existing conditions. By signing up for the program, people would be able to cover any of their medical costs, as the program is federally funded. But according to the St. Louis Post-Dispatch, only 250 people have signed up for it through June. Starting February 1, premium rates will be cut by 25 percent.

"We'll see if this reboots interest in the plan," said Huff.

According to the Kaiser Family Foundation, over 826,000 Missourians are without health insurance, or 14 percent of the state's population. Approximately 50.6 million lack health insurance nationwide, or 17 percent.